ASIC excludes remaining former Trio directors from financial services industry for four years

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The Australian Securities and Investments Commission (ASIC) has entered into enforceable undertakings (EUs) with the remaining two former directors of Trio Capital Limited (Trio), Keith Finkelde and David O’Bryen.

Finkelde, who was a non-executive director from April 2007 and was also a member of the Investment Committee of Trio from July 2008, has agreed not to act in any role within the financial services industry for four years. He has also agreed not to act as a director of any corporations for four years.

O’Bryen who was a non-executive director of Trio from June 2007 and was chairman of the Risk and Compliance Committee of Trio during 2008 and 2009, has also agreed not to act in any role within the financial services industry for four years. He has also agreed not to act as a director of any corporations for four years with the exception of a company which acts as trustee of O’Bryen’s self-managed superannuation fund.

ASIC Chairman Greg Medcraft says: ‘ASIC is serious about holding gatekeepers to account. Since July 2011, ASIC has entered into enforceable undertakings with each of Trio’s former directors to prevent them from operating in the financial services industry, and to deter others. Our investigations into the Trio matter continue.’

Today’s announcement follows the EU entered into with former Trio chairman David Andrews on August 11, the EUs entered into with former Trio directors Rex Phillpott and Natasha Beck last month, the EU from Kilara Financial Solutions Pty Ltd, the Australian financial services (AFS) licence suspension of Seagrims Pty Ltd and the financial services banning of the directors of Seagrims.

It also follows the recent sentencing of Mr Shawn Richard to three years and nine months imprisonment for two charges of dishonest conduct in relation to his role as a director of the investment manager of the Astarra Strategic Fund.